Wits Basin reopens Chinese mine
TORONTO (miningweekly.com) – Minneapolis-based Wits Basin Precious Minerals this week said it had reopened the Xiaonanshan iron-ore mine, in China's Anhui province, following work undertaken by contractor The Anhui Zhonghai Mining and Trading Company (AZHM&T).
Wits Basin owns a 75% equity interest in China Global Mining Resources, which owns the Xiaonanshan mine.
Wits Basin said the reopening of the mine had placed the company ahead of schedule, which,in turn, would allow the company to work with AZHM&T and help develop their plans of ramping up production and establishing estimations for production, processing and revenue for the balance of the year.
Wits Basin expected such estimations to be complete during the second quarter; however, current estimates held that the Xiaonanshan mine contained enough ore for more than 30 years of operation.
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